NEW YORK—JPMorgan Chase is receiving inquiries from government agencies and other parties about its policies and procedures amid the Trump Administration’s push to scrutinize banks over alleged “debanking” of certain industries or clients, Reuters reported.
In September, the Office of the Comptroller of the Currency issued guidance discouraging banks from closing accounts based on political or religious beliefs, following President Donald Trump’s directive for regulators to examine potential political bias in the financial system. The White House characterized the order as targeting “systemic abuses by financial institutions that undermine free expression and economic opportunity.”
OCC chief Jonathan Gould told a conference Tuesday that examiners are reviewing whether major banks have dropped policies discouraging services to certain industries, such as firearms. He said some banks have reported policy changes. Bank of America noted similar inquiries in a recent filing, Reuters noted.
“Certain of these matters are at various stages, including reviews, investigations, and legal proceedings,” JPMorgan said.